June 3, 2020 / 4:33 PM / a month ago

Mediaset ups direct stake in ProSieben to 11.7% - filing

FILE PHOTO: The Mediaset tower is seen at the headquarter in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini

FRANKFURT (Reuters) - Italian broadcaster Mediaset (MS.MI) has increased its direct stake in German counterpart ProSiebenSat.1 Media (PSMGn.DE) to 11.7% from 8.9%, according to a regulatory filing on Wednesday ahead of next week’s annual general meeting.

Including shares controlled indirectly through financial instruments, Mediaset’s overall stake remains at 24.2%.

The Italian company, controlled by the family of former Prime Minister Silvio Berlusconi, has amassed the position as it pushes a strategy of encouraging European industry consolidation.

ProSieben’s June 10 AGM will mark the debut for CEO Rainer Beaujean, whose predecessor Max Conze stood down in late March after a boardroom feud.

Reporting by Douglas Busvine;Editing by Elaine Hardcastle

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